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by OutOfHere 335 days ago
It's pretty much going to move people to self-custodied crypto, whether to stablecoins or privacycoins or otherwise. Couple this with actual encrypted communications apps, well beyond WhatsApp, also encrypted containers. Let them search all they want.

Disclaimer: I strongly and truly believe that everyone should pay a reasonable percentage of tax on their entire income.
1 comments
crop_rotation 335 days ago
Yeah none of that is going to happen here except by maybe 1 in 10 million people.
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dartharva 335 days ago
The ones who actually do intend to hide black money will definitely figure out the ways. You say "none of that is going to happen" because the need never registered to you yet. If you actually investigate you'll be shocked at how deep India's cybercriminal undergrounds run.
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crop_rotation 335 days ago
The ones who do actually have black money also have power and hence have nothing to worry here. Most of black money is with Government servant and politicians, so this is all irrelevant.
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akudha 335 days ago
This is usually the case with onerous rules and regulations. Actual criminals have the means and motivation to work around any law. There will be a percentage of dumb/small criminals who will get caught, and the time and effort spent in catching them might not be worth it in the end. As usual, the common man who is honest and wants to follow rules will have to jump through hoops and hardships.

This isn't unique to India though.

This doesn't mean there shouldn't be laws and rules. Just that creating and enforcing the right level of rules and regulations isn't as straightforward as it sounds. Theft is theft, whether it is $10 or a Billion, but it would make sense to go after the dude who stole a Billion first, rather than the hungry dude who stole $10 for food. But the thief who stole a Billion has the smarts, motivation and means necessary to beat any laws

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OutOfHere 335 days ago
The biggest thief though is the government, as per the rate of inflation of their currency, due to much money they print every year, much of which is for their wasteful spending. What little value is left, they tax much of it away. This is why there is a righteous motivation to exit the government's money system.
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